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Terreno Realty Pays $365M for Industrial on East and West Coasts
Bellevue, WA-based Terreno Realty Corporation, which acquires, owns and operates industrial real estate in six major coastal U.S. markets, acquired a portfolio of industrial properties located in New York City, Northern New Jersey, San Francisco Bay Area, and Los Angeles from an undisclosed seller. The total purchase price was approximately $364.5 million.
The portfolio of 28 buildings containing approximately 1.2 million square feet is 91.6% leased to 70 tenants. The in-place cap rate is 4.3%, the estimated stabilized cap rate is 5.0% and the estimated stabilized cap rate adjusting to today’s market rents is 5.8%.
Goldman Sachs & Co. LLC acted as financial advisor to Terreno Realty Corporation on the acquisition.
- ◦Sale/Acquisition
